Philips Exits Consumer Electronics

Philips Electronics has drawn a line under its long history as a consumer-electronics company after failing to compete successfully with the likes of Apple Inc., Samsung Electronics Co. and Sony Corp. in the fast-moving industry.

Philips said Tuesday it has sold the remnants of its once-core business to Japan’s Funai Electric Co. as the Dutch group reported a steeper net loss in the fourth quarter, weighed down by a restructuring charge and a fine for price fixing.

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